Schlumberger Well Positioned For Long Term Growth
Schlumberger (NYSE: SLB) is well positioned for long-term growth, according to Deutsche Bank, which published a research report on the company following 3Q earnings results.
In the report, Deutsche Bank writes "SLB posted strong results and seems to be making good progress on the integration of recently acquired Smith International (SII). We expect SLB to aggressively repurchase shares to offset the dilution from the SII deal. Operationally, higher North America roughly offsets lower International near-term with the longer-term international growth thesis playing out as expected so far. As such, our Q4 and 2011 estimates remain unchanged at $0.77 and $3.75, respectively. We are also rolling out a 2012 estimate of $4.90."
Deutsche Bank maintains its Buy rating and has raised the price target from $75 to $76.
Schlumberger closed Friday at $67.77.
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